PRIVATE CORPORATIONS

Certain Unused Charters Void
Section 1

The charters and privileges granted prior to 1874 to private corporations which had not been organized in good faith and commenced business prior to 1874 shall be void.

Certain Charters to Be Subject to the Constitution
Section 2

Private corporations which have accepted or accept the Constitution of this Commonwealth or the benefits of any law passed by the General Assembly after 1873 governing the affairs of corporations shall hold their charters subject to the provisions of the Constitution of this Commonwealth.

Revocation, Amendment and Repeal of Charters and Corporation Laws
Section 3

All charters of private corporations and all present and future common or statutory law with respect to the formation or regulation of private corporations or prescribing powers, rights, duties or liabilities of private corporations or their officers, directors or shareholders may be revoked, amended or repealed.

Compensation for Property Taken by Corporations Under Right of Eminent Domain
Section 4

Municipal and other corporations invested with the privilege of taking private property for public use shall make just compensation for property taken, injured or destroyed by the construction or enlargement of their works, highways or improvements and compensation shall be paid or secured before the taking, injury or destruction.

0
0
0
s2sdefault